The $28.4 million of FFO for the three months ended December 31, 2010 includes the impact of approximately $16.0 million in interest refinancing expense, $0.5 million of stock-based compensation expense, a $149 thousand net loss associated with owned and operated assets and $64 thousand of costs associated with 2010 acquisitions. The $16.0 million of interest refinancing costs related to the write-off of deferred financing costs and prepayment costs associated with the repayment of a $100 million term loan and the tender and redemption of all of the Company’s outstanding $310 million 7% Senior Notes due 2014.
Adjusted FFO was $51.3 million, or $0.50 per common share, for the three months ended December 31, 2011, compared to $45.1 million, or $0.46 per common share, for the same period in 2010. The Company had 4.5 million additional weighted-average shares for the three months ended December 31, 2011 compared to the same period in 2010. For further information see “Funds From Operations” below.
2011 ANNUAL RESULTS
Operating Revenues and Expenses – Operating revenues for the twelve-month period ended December 31, 2011 were $292.2 million. Operating expenses for the twelve-month period ended December 31, 2011, excluding nursing home expenses for owned and operated assets, totaled $153.8 million and were composed of $100.3 million of depreciation and amortization expense, $26.3 million of provision for impairments on real estate assets, $13.4 million of general and administrative expense, $6.4 million of provision for uncollectible accounts and notes receivable, $6.0 million of stock-based compensation expense and $1.2 million of expense associated with the 2011 acquisitions. A reconciliation of these amounts to revenues and expenses reported in accordance with GAAP is provided at the end of this release.Other Income and Expense – Other income and expense for the twelve-month period ended December 31, 2011 was a net expense of $86.9 million, which was composed of: (i) $81.2 million of interest expense; (ii) $3.1 million to write-off deferred financing costs associated with the termination of the Company’s 2010 credit facility; and (iii) $2.7 million of amortized deferred financing costs. Funds From Operations – For the twelve-month period ended December 31, 2011, reportable FFO available to common stockholders was $172.5 million, or $1.69 per common share on 102 million weighted-average common shares outstanding, compared to $134.1 million, or $1.42 per common share on 94 million weighted-average common shares outstanding, for the same period in 2010. The $172.5 million of FFO for the twelve-month period ended December 31, 2011 includes the impact of: (i) $6.4 million in provision for uncollectible accounts and notes receivable; (ii) $6.0 million of non-cash stock-based compensation expense; (iii) $3.5 million in non-cash preferred stock redemption charges; (iv) $3.1 million to write-off deferred financing costs associated with the termination of the Company’s 2010 credit facility; (v) $1.2 million of 2011 acquisition related expenses; and (vi) a $0.6 million net loss associated with the run-off of owned and operated assets.
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